Links in “CFPB”

The CFPB's Semiannual Regulatory Agenda was released in the Federal Register. The five-page document discusses efforts with Dodd-Frank, including integration of mortgage regulations, HMDA reporting expansion, "Know Before You Owe" initiative, prepaid card efforts, and payday loan issues. [6/19/15]

A study projects an 82% revenue cut for payday lenders, likely forcing many of them to close, if the CFPB's payday loan proposals are implemented. The study "underscores the CFPB's complete lack of understanding of how its proposed rules would impact consumers." [6/19/15]

The CFPB announced a relief payment of $5.9 million, including a $500,000 penalty, in an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. The announcement includes sound guidance for debt collectors on key practices and unacceptable debt collection actions. [6/19/15]

The CFPB released the 2015 mid-year update on Student Loan Complaints noting in the 30-page report that more than 3,100 private student loan complaints and 1,100 debt collection complaints related to student loans between October 1, 2014 and March 31, 2015. The report also discusses specific co-signer issues, including problems securing a co-signer release and analysis of problems consumers experience when attempting to refinance a student loan. [6/19/15]

CFPB Director Richard Cordray stated that the bureau will propose a delay of the final implementation of the TILA/RESPA integrated mortgage disclosure rules until Oct. 1. The decision was made to correct an administrative error that was just discovered  concerning meeting federal law requirements. [6/18/15]

Reports have Rohit Chopra, who had been heading up the CFPB's efforts in student lending, may be leaving to possibly succeed Benjamin Lawsky as Superintendent of the New York Department of Financial Services. [6/18/15]

Big -- but brief -- sigh of relief from the industry on the CFPB's announcement that TILA-RESPA Integrated Disclosure Rule will be delayed until Oct. 1. See also here. [6/18/15]

House Appropriations Committee advanced a bill that would transition CFPB funding to the congressional appropriations process. [6/18/15]

The CFPB provided another reminder of why its not a great idea to use aggressive debt collection methods. Against servicemembers, no less! Security National Automotive Acceptance Company was sued by the CFPB for exaggerating potential disciplinary action they would face, threatening to contact commanding officers to pressure repayment, and falsely threatened wage garnishment. [6/18/15]

The CFPB detected an administrative error that would have pushed back the effective date of the rule two weeks. Extra time to make sure you how the rule will effect your institution. [6/18/15]